What Is Business?Market structure Pure competition Monopoly Imperfect competition Firm concentration...

Chapter 1 What Is Business?

Defining Business and Profit ◦ Key Concepts Businesses Profit Not-for-profit organizations Risk

Introduction

The Industrial Revolution and the Growth of the Factory System in the United States ◦ Key Concepts Factory system Specialization of labor

The Railroad Era ◦ Key Concepts Laissez-faire system Market domination Antitrust policies

The Evolution of Business in the United States (cont’d)

The Assembly Line Era, Speculation, and the Great Depression

The Post-World War II Period: International

Institutions The Globalization Era

The New Society of Knowledge Workers ◦ Key Concepts New economy Knowledge workers

Economic Resources ◦ Scarce Land, Labor, Capital, and Technology

The Free Enterprise, or Capitalist, System ◦ Demand, Supply, and Price Theory or law of demand Price inelastic demand Price elastic demand Theory or law of supply Price inelastic supply Price elastic supply Market clearing, or equilibrium, price

Types of Economic Systems and Their Impact on Business

The Free Enterprise, or Capitalist, System ◦ Demand, Supply, and Price (cont’d) Shortage Surplus ◦ Private Property and Property Rights

The Free Enterprise, or Capitalist, System (cont’d) ◦ Product Life Cycle Theory ◦ Degrees of Competition Market structure Pure competition Monopoly Imperfect competition Firm concentration ratios Barriers to competition Patents, Licensing, and tariffs

The Free Enterprise, or Capitalist, System ◦ Degrees of Competition (cont’d) Oligopoly Monopolistic Competition Product differentiation

Types of Economic Systems and Their Impact on Business (cont’d)

The Command, or Planned, Economic System ◦ Key Concept State enterprises

The Mixed Economic System ◦ Key Concept Privatization of State Enterprises

The Transition Economies ◦ From Command to Free Market System

Types of Economic Systems and Their Impact on Business (cont’d)

How Economic Performance Is Measured ◦ Key Concepts Outputs Inputs Land Labor Entrepreneurs

Capital Money (financial capital) Capital goods (physical capital)

Technology

Production of Goods and Services

Business Must Provide Value to Customers ◦ Not-for-Profit Public Broadcasting System National Public Radio State Universities ◦ Private Sector Investors Managers Employees Suppliers Society

Measuring Business Performance

Maximizing Profit and Shareholder Wealth (cont’d)

Measuring Business Performance (cont’d)

Measuring Consumer Confidence Consumer Confidence Index Conference Board Consumer Confidence Survey

The Consumer Knows Best Consumer Demographics and Psychographics ◦ Key Concepts Target group Market segmentation Psychographics

Cultural Diversity ◦ Key Concept Culture Diverse Workforce

Consumer Demand for Goods & Services

Measuring Gross National Product (GNP), Gross National Income (GNI), and Gross Domestic Product (GDP) ◦ Key Concepts Consumption Investment Government expenditure Net exports

National Output of Goods and Services

The Components of U.S. GDP, 2012

Measuring Gross National Product, Gross National Income, and Gross Domestic Product (cont’d) ◦ Key Concepts Nominal GNI, GNP, or GDP Real GNI, GNP, or GDP

Real National Output of Goods & Services

Real GDP = Nominal GDP GDP deflator

Measuring Gross National Product, Gross National Income, and Gross Domestic Product (cont’d) ◦ Key Concepts Nominal GNI, GNP, or GDP Real GNI, GNP, or GDP

Business Cycles

Demand for Goods and Services (cont’d)

Innovations in Information Technology ◦ Key Concept Bandwidth Smartphones

E-Business ◦ Examples Alibaba.com Amazon.com ◦ Key Concepts B2C B2B

The Digital Era

Impact of IT on Globalization, Culture, Society, and Politics ◦ Helping developing countries A Better Life Foundation Social media

The Digital Era (cont’d)

Private Versus Public and Not-for-profit Sector Functional Areas Include: ◦ Accounting ◦ Consulting ◦ Finance ◦ Information Systems ◦ International Business ◦ Management ◦ Marketing ◦ Supply Chain

Careers in Business

Websites that focus on business careers include: ◦ Careers in Business ◦ Major Private Business Websites (Like Bechtel’s)

Careers in Business (cont’d)

What Is Business?Market structure Pure competition Monopoly Imperfect competition Firm concentration...

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